Category: Bitcoin

New reports show that roughly 9 out of 10 Bitcoin (BTC) mining pools support the Taproot activation. This network upgrade could significantly improve the Bitcoin network scalability and privacy features. However, considering that Bitcoin is in a Difficulty Epoc, an upgrade seems unlikely.

BTC.TOP became the latest mining pool to endorse the Taproot upgrade and did so on block 683,945. Other prominent mining pools, including F2pool and Antpool, have shown solidarity for the soft fork upgrade, which would give Smart Contracts on Bitcoin more flexibility.

Previously 95%, 70% of mining pools currently support the activation of Taproot. However, information from Taproot.watch noted that an update in the meantime seems unlikely, as there are 200 non-signaling blocks.

At press time, the signaling ratio is approximately 64.5%. However, the Taproot update can only happen when 90% of the 2,016 mined blocks signal for Taproot over two weeks. If this happens, the update will get implemented by November.

Taproot is a Bitcoin network upgrade that could improve transaction speed, scalability, privacy, fee reduction, and many more. Since 2017, following the BTC block size increase, the crypto community has patiently awaited the Taproot upgrade.

If this upgrade happens, it would be a significant milestone achievement for the network, considering that privacy, security, and scalability are primary concerns for Bitcoin users.

Key Bitcoin Levels to Watch — May 18

Following a failure to capitalize on a modest bullish wave earlier today, the primary has come under fresh bearish pressure and could post a leg down over the coming hours. The benchmark cryptocurrency could plummet below the $42k mark and lower over the coming hours as selling activities continue.

That said, a clean break above the $45k resistance (50 SMA) could be the only saving grace BTC has to end this bearish price action.

Meanwhile, our resistance levels are at $44,000, $45,000, and $46,000, and our key support levels are at $42,000, $41,000, and $40,000.

Total Market Capitalization: $2.03 trillion

Bitcoin Market Capitalization: $803 billion

Bitcoin Dominance: 39.4%

Market Rank: #1

 

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The charismatic founder of Bridgewater Associates, Ray Dalio, has warned that the success of Bitcoin (BTC) and other cryptocurrencies could become a big anchor at the Wall Street Journal “Future of Everything Festival” last week.

The Bridgewater founder noted that:

“Its own biggest risk is its success because as a store hold of wealth, no government wants to have an alternative currency.”

Dalio has been vocal with his concerns that Bitcoin could become a threat to regulators if it becomes successful enough to challenge their monetary sovereignty.

Dalio’s warnings come as regulators, like the governor of the Bank of England (BoE) and the president of the European Central Bank (ECB), remain hostile towards Bitcoin.

Last week, BoE Governor Andrew Bailey noted that Bitcoin possesses no intrinsic value, and investors that put their money into BTC should be ready to lose it all. Also, ECB Chief Christine Lagarde concurred with the governor, highlighting the use of Bitcoin as a money-laundering tool.

Meanwhile, the US also has its eyes on Bitcoin and crypto, as the new SEC chairman, Gary Gensler, emphasized the importance of a regulatory framework with healthy protection for investors.

Nonetheless, the co-chief investment officer at Bridgewater is optimistic about the future of cryptocurrencies, noting that it is “exciting and unknown.” Dalio added that:

“Crypto as a digital clearing mechanism and so on, very exciting, very bullish. Crypto as a store hold of wealth very interesting. Probably will be important for us.”

Key Bitcoin Levels to Watch — May 16

Bitcoin continues to trade under heavy bearish pressure as trading volume falters. Although the benchmark cryptocurrency appears to have gained a mild bullish momentum over the past few hours, it still faces a real threat of falling below the $48k support, once again.

That said, the bearish aura could get dissipated by a clean break above the $51,400 resistance. Until then, buyers need to trade with caution.

Meanwhile, our resistance levels are at $49,500, $51,400, and $52,500, and our key support levels are at $48,300, $47,000, and $46,000.

Total Market Capitalization: $2.28 trillion

Bitcoin Market Capitalization: $917 billion

Bitcoin Dominance: 39.9%

Market Rank: #1

 

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Despite the recent market crash, Bitcoin (BTC) continues to soar in its fundamentals front. The benchmark cryptocurrency’s hash rate has rebounded from its recent dip and has clocked a new all-time high. Consequently, Bitcoin’s mining difficulty recorded its most significant spike in over seven years to a new all-time high as well.

Hash rate is the measuring unit of the processing power on a crypto asset’s blockchain. Typically, when miners are more on a network, the metric (hash rate) increases, and vice-versa. Also, the higher the hash rate, the more secure and prosperous the underlying network is.

Bitcoin’s hash rate has maintained a steady upward trajectory punctuated by minor dips over the past few years. This growth is primarily the resulting factor from the immense activities of Chinese miners. The most recent decline came in April after a massive power outage in Xinjiang province, a stronghold for BTC mining operations.

Reports show that the BTC hash rate fell significantly from 170M TH/s to 130M TH/s over a few days in April. However, it has rebounded since then to a new record high near 180M TH/s.

As the hash rate cleared a new record high, the mining difficulty got dragged along and saw its highest increase in about seven years (21.5%), according to Glassnode.

Key Bitcoin Levels to Watch — May 13

Bitcoin suffered a heavy loss over the past 24 hours following an unfavorable announcement from Elon Musk. The primary cryptocurrency fell from its $58k daily high yesterday to a $45k low early today.

Following the decline, BTC posted a healthy rebound to the mid-$51k level, where it consolidated for a while. However, Bitcoin appears to have resumed its bearish spiral to the daily low. That said, bulls have lost control as bears pump sell trade volume.

Meanwhile, our resistance levels are at $49,500, $51,400, and $52,500, and our key support levels are at $47,000, $46,000, and $45,000.

Total Market Capitalization: $2.18 trillion

Bitcoin Market Capitalization: $911 billion

Bitcoin Dominance: 41.9%

Market Rank: #1

 

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Palantir, a software and analytics firm, has joined the growing list of companies accepting Bitcoin (BTC) payments. The company made the announcement earlier today, adding that it was also considering holding Bitcoin or other cryptocurrencies on its balance sheet.

As far back as 2018, Peter Thiel, the co-founder of Palantir, has been making crypto-related investments, making a bid on the come-up of Bitcoin and blockchain technology.

Earlier today, Block.one (a Thiel-backed software company) announced the launch of a new cryptocurrency exchange named ‘Bullish.’ The new project has a whopping $10 billion in funding, with Thiel Capital being one of the leaders in this funding round.

What began with a wave of small businesses and organizations accepting Bitcoin and cryptocurrency payments has become a massive trend in 2021, as hordes of institutional players buy into it.

With more companies accepting Bitcoin payments and investors moving portions of their wealth into cryptocurrencies, there is a real financial risk just on the horizon for companies that fail to adopt the new payment system. Many speculators believe that a time is coming when it would be too expensive to not accept Bitcoin payments.

Key BTC Levels to Watch — May 11
After suffering a 10% drop to the $53,400 support from yesterday’s high of $59,585, Bitcoin appears to be in recovery mode above $56k. The primary cryptocurrency faces the immediate task of clearing the crucial $56,700 resistance to cement a bullish recovery path to the $58k level.

That said, BTC stands a risk of falling to the $55k level, once again, if it stalls too long below the $56,700 – $57,000 resistance area.

Meanwhile, our resistance levels are at $56,700, $57,500, and $58,000, and our key support levels are at $55,000, $54,000, and $53,400.

Total Market Capitalization: $2.47 trillion

Bitcoin Market Capitalization: $1.07 trillion

Bitcoin Dominance: 42.7%

Market Rank: #1

 

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According to a recent report by Learn2Trade, Bitcoin (BTC) investors are continuously pulling out their crypto-assets from exchanges, which is a good indication that selling pressure is at a low, and price hikes could ensue shortly.

This proposition, which was put forward by CryptoQuant, has gotten confirmation from the on-chain analytics data provider. Through the evaluation of the Stablecoins Ratio—which involves the division of BTC reserves by stablecoin reserves on exchanges—CryptoQuant asserted that “potential selling pressure is weakening.”

The reason for this decline in selling pressure is because the number of stablecoins on exchanges reaching a record high, which could propel investors to buy BTC and other altcoins instead of selling.

Also, CryptoQuant revealed that miners have halted the transfer of newly-minted Bitcoins to exchanges, indicating that selling pressure from them has declined.

Meanwhile, while miners are holding their BTC coins and not selling, reports show that institutional investments are on a steady increase.

Massive withdrawals of crypto-assets from Coinbase are indicative of a large investors’ behavior.

CryptoQuant reported another massive crypto transaction out of the largest US-based crypto exchange made a few hours ago for 11,105 BTC. Based on the price of Bitcoin at press time, this transaction stands at roughly $644 million.

That said, the data provider reaffirmed that a significant price boost could be just around the corner.

Key BTC Levels to Watch — May 9

Following a goodish performance over the weekend, Bitcoin appears to have fallen into a slight consolidation with the $58k – $60k pivot zone. The benchmark cryptocurrency peaked at a three-week high of around $59,500, just a few points from the highly-coveted $60k psychological level. 

That said, the primary cryptocurrency is trading along a bullish trendline, which has lent adequate support to the recent price dip, as we anticipate a rebound to the $59k region.

Meanwhile, our resistance levels are at $59,000, $59,500, and $60,000, and our key support levels are at $57,500, $56,700, and $55,700.

Total Market Capitalization: $2.44 trillion

Bitcoin Market Capitalization: $1.08 trillion

Bitcoin Dominance: 44.5%

Market Rank: #1

 

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According to a recent report by CryptoQuant, Bitcoin (BTC) investors have withdrawn a significant amount of their holdings out of cryptocurrency exchanges, indicating that noticeable HODLing activities are going on. The on-chain data provider asserted that there is a massive price leg up in the works, as sell pressure has dropped.

As is typical with every tradable asset, Bitcoin’s price is determined by the level of supply and demand acting upon it. In the crypto space, the significant availability of digital assets on exchanges connotes a risk of a possible selloff, as investors can quickly offload their coins.

That said, when there are fewer coins on exchanges, it means investor confidence in the cryptocurrency is high, and selling pressure is low. This was the metric the CEO of CryptoQuant, Ki-young Ju based his predictions on.

The executive highlighted that a significant amount of Bitcoin “flew out of crypto exchanges in the last several days.” As a result, Ki-young asserts that the benchmark cryptocurrency is ready for another leg up.

According to data presented by CryptoQuant, Bitcoin fell from $14k to around $9k over a few days in 2019, as the amount of BTC on exchanges was at significantly high levels.

The opposite scenario appears to be playing out. In late 2020, HODLers began withdrawing large amounts of BTC off exchanges, which coincided with the start of the current bull cycle.

Key BTC Levels to Watch — May 6
After a day of immense volatility, Bitcoin fell into consolidation through the early hours of today, ranging between $57.5k and $56.7k. However, the primary cryptocurrency witnessed a break into the $58,000 pivot zone but failed to plant a firm foot at the new 3-day high and fell back into the daily consolidation range.

That said, we expect to see a mild correction to the lower-$56k level over the coming hours, as bullish momentum weakens in the meantime.

Meanwhile, our resistance levels are at $57,500, $58,000, and $59,000, and our key support levels are at $56,700, $55,700, and $55,000.

Total Market Capitalization: $2.4 trillion

Bitcoin Market Capitalization: $1.06 trillion

Bitcoin Dominance: 44.3%

Market Rank: #1

 

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